Dune Digest #23
GM
Welcome to another edition of Dune Digest! Let’s start with some news for this week.
One of our main goals is to reward Dune Wizards and get them paid.
One of the ways we’re working toward this is by partnering with top protocols in the space to launch bounty programs - so Wizards can help to surface their data in exchange for a reward!
This week we announced our first bounties in collaboration with Aave & Layer3.
Dune Wizards have the opportunity to earn thousands of $…….. Check it out!
In other news, Dune CEO & Co-Founder Fredrik wrote a very interesting piece this week on our blog about the fundraising journey that he and fellow Co-Founder Mats went through over the past few years.
It’s an interesting story of persistence and self-belief, going from not being able to raise a cent to being mobbed by VCs with multimillion dollar offers in just a couple of years. Well worth a read for founders and aspiring entrepreneurs - check out the article here!
We also had a special episode of the Weekly Wizard this week - interviewing one of the Dune GOATs Michael Silberling, an OG Wizard currently engaged as a full time data analyst at Optimism. This is an interview well worth checking out:
As a final piece of housekeeping, we’ve shipped an exciting improvement. Parameters are now resizable and can be moved around in the dashboard!
Now, let’s check out the best dashboards of the week…….
Gem Flips Genie to take the NFT Aggregator Crown
The NFT market absolutely boomed in 2021, hitting tens of Billions of $ in volume from tens of Millions of users.
This fueled the rise of behemoths like OpenSea, which still holds the crown as the #1 marketplace platform.
That said, OpenSea isn’t the only game in town, as a multitude of strong competitors have popped up in their wake looking to bite off a piece of market share.
This has had a fragmentary effect on user experience, since it’s all but impossible to keep on top of all the different platforms manually.
NFT aggregators stepped up to solve this problem. The first major aggregator, Genie, launched in Q3 of last year with a mission to:
“Build the Metaverse’s aggregator so that citizens can access all liquidity and information regardless of its location. Genie will deliver immutable wishes whether you’re interacting with our interface or making a voice command in a virtual world. A fragmented world needs an aggregator”
Genie quickly gained traction, starting to consistently hit 1000+ daily transactions by the very start of 2022.
Soon a challenger emerged, Gem, which also started to gain serious ground. So where do we stand going into Q2 2022? Which is capturing the market?
To find out - we can take a look at a great dashboard by @sohwak.
First, at the highest level:
109,031 transactions via Gem
78,541 transactions via Genie
Gem is firmly in the lead when it comes to transactions, which is interesting because Genie had a head start.
Gem didn’t even see noticeable usage until the second week of January - over a month after Genie’s daily transaction ATHs.
Just a few weeks later, by the beginning of February, Gem started to see more daily transactions - and by early March was totally dominating:
In terms of cumulative transactions, Gem flipped Genie just under 2 weeks ago on the 17th of March:
How about in terms of items bought?
Here Gem also surpassed Genie, with 462,264 items compared to 420,708. Here the flipping happened more recently, just 6 days ago:
What about value? Which one has generated the most volume in ETH?
For both, it’s an impressive amount. But again Gem has taken the lead with a huge 145,079 $ETH compared to Genie’s 112,326.
In dollar terms that’s $361,509,453 in total bought via Genie and a whopping $414,484,769 via Gem.
This flip also happened one week ago:
When it comes to addresses, the two are practically neck and neck.
But, today Gem also overtook Genie in cumulative new addresses with 28,105 - 72 more than Genie 28,032!
It’s also interesting to compare the total usage of both aggregators compared to buying NFTs the traditional, direct way.
You can see that they both gained ground in 2022, but are stil dwarfed by direct purchases:
To summarize - Gem seems to have overtaken its incumbent competitor Genie in key metrics. Although there isn’t yet a gulf between them, Gem’s trajectory looks poised to dominate. In general, NFT aggregators seem to have found product market fit, and have seen some real traction in 2022. However - the vast majority of users still interact with marketplaces directly.
NFT aggregators are surely an interesting part of the ecosystem to watch as it evolves in the coming months and years!
For much more data - check out the full dashboard……
Never Fear Truth by Johnny Depp
Did you know that Johnny Depp is a prolific painter?
In late January he launched an NFT project called “Never Fear Truth”, a collection of 11,111 portraits of his friends, family and heroes - painted and animated by Depp himself.
10,000 are available for purchase, with the remaining 1,111 to be held by Johnny and the team.
Last week @Na2 released a dashboard on the project.
There are currently 2,220 holders, and there have been 2,723 mints in total.
The overall volume traded is at 1,028 ETH.
Total trades are at 1,302 - but have been trending down after a peak in Mid February:
Average prices have also been trending down, with the average of the past 50 sales at 0.406 $ETH and a current floor of .28 $ETH:
How does the future look for Depp’s project? Decide for yourself by checking out the full dashboard!
STEPN Growth
We’ve covered STEPN, the Solana-based “move to earn” application, previously in Dune Digest. There has been a lot of buzz on Twitter over the past few weeks, and some interesting new data has surfaced - so let’s revisit with a new dashboard came out this week by @nguyentoan.
We can see that active deposit users are surging in March having gone from 1,306 a month ago to 7,658 yesterday.
Withdrawals and deposits are also way up, cracking more than $10 Million in $USDC yesterday:
And the price of $GST - the token that you earn through the app - is surging after plateauing for most of the month:
They seem to be doing a really good job of acquiring users - 4xing active users in just the past month to over 75,000!
Daily active users show a healthy ratio of new to existing:
There’s an interesting visualization tracking new, active, returning, and churning users that shows a healthy user acquisition trend - although they should look at ways to reduce that churn!
Overall, things are looking strong for StepN. To learn more check out the full dashboard!
Music NFTs are gaining momentum
There has been a lot of Twitter hype over the past months around music NFTs, but it really seems like there was something there.
One of the kings of Music NFTs on Dune is @0xnative - check out some of their dashboards.
One of them was trending this week on Sound Music NFTs, let’s see the latest.
Sound Music is one of the big players in music NFTs, aiming to help musicians to monetize their work through NFTs tied to new releases.
So far there are 73 artists on Sound that have put out 93 releases. The total NFT supply is 4,643.
Total NFT supply and new releases have grown nicely through 2022 so far:
The #1 artist on the platform is the one and only Snoop Dogg, with an NFT supply of 1000. @0xnative made a dedicated separate dashboard covering his activity on Sound that you should check out.
The most intriguing thing to look at in this dashboard is the secondary sales data. OpenSea volume is really taking off, growing more than 500% in March from 307 $ETH to 1660:
Sound is an interesting protocol and music NFTs is a space to watch. Check out the full dash for more!
Stargate Performance
Last week we covered omnichain interoperability protocol LayerZero - and touched on Stargate, the first application built on top of it.
Stargate is a:
Fully composable native asset bridge with unified liquidity and instant guaranteed finality built on top of LayerZero.
Stargate and its native token $STG has been trending on Crypto Twitter over the past week, and @misterglass released a dashboard covering Stargate on Ethereum - let’s take a look.
TVL cracked the Billion milestone at $1,036,117,945, and the average transfer amount is a whopping $102,189!
Pool liquidity has been rising healthily, with a steady stream of deposits that outweighed withdrawals for much of the protocols lifetime so far:
How about destinations? In the first week - most transfers were to Fantom (28), followed by Optimism (21). The other supported chains - BSC, Avalanche, Polygon, and Arbitrum - all saw a similar number of transfers in the 9 to 13 range.
However, in the second week transfers to Avalanche were dominant (104), trailed by Arbitrum (69) & Optimism (60).
It will be interesting to follow this dashboard to see users preferences over time.
Is this the cross-chain solution for the near future? Let us know what you think in the comments, and check out the full dashboard!
More Dashboards
Denza Dashboard by @mtqwerty
GN
Thanks for reading - and thanks to the amazing Wizards who contributed their dashboards this week.
See you again next week, see you on Twitter and in Discord in the meantime. Have a great weekend 🧙🧙🧙